Mighty Gm

March 10, 1986|By Jack Snyder of The Sentinel Staff

In recent years, a lot of large corporations have been diversifying into mortgage banking. General Motors made the move last year when it purchased Norwest and Colonial, two major mortgage banking companies. GMAC Mortgage wrote around $2 billion in home loans in 1985. The total could top $3 billion this year, the company said. That ranks GMAC as one of the biggest players in the mortgage banking game.